Entrepreneurship in Family Firms

Department
  • International Program
Course unit code
  • IFLV6543
Number of ECTS credits allocated
  • 5.0
Name of lecturer(s)
  • Ass. FH-Prof. Mag. Wieser Desiree, PhD, Mag. Sexl Florian, BA MSc MBA, FH-Prof. Priv.-Doz. MMag. Dr. Zehrer Anita
Mode of delivery
  • face-to-face
Recommended optional program components
  • none
Recommended or required reading
  • Amato, S., Broccardo, L., & Tenucci, A. (2024). Family firms, management control and digitalization effect. Management Decision. DOI 10.1108/MD-03-2023-0347
    Berrone, P., Cruz, C., & Gómez-Mejía, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258-279. 3 https://doi.org/10.1177/0894486511435355
    Frank, H., Kessler, A., Nosé, L., & Suchy, D. (2011). Conflicts in family firms: State of the art and perspectives for future research. Family Business Review, 130-153
    Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106-137.
    Kammerlander, N. (2022). Family business and business family questions in the 21st century: Who develops SEW? Journal of Family Business Strategy, 13, 100470. https://doi.org/10.1016/j.jfbs.2021.100470
    Lu, X., Wijayaratna, K., Huang, Y., & Qiu, A. (2022). AI-enabled opportunities and transformation challenges for SMEs in the post-pandemic era: A review and research agenda. Frontiers in Public Health, 10.3389/fpubh.2022.885067
    Qiu, H., & Freel, M. (2019). Managing family-related conflicts in family businesses: A review and research agenda. Family Business Review, 33(1), 90-113, https://doi.org/10.1016/j.jii.2021.100224
    Zhang, C., & Lu, Y. (2021). Study on artificial intelligence: The state of the art and future prospects. Journal of Industrial Information Integration, 23, 100224.
Additional information about examination modalities
  • Presentations (group) 75%
    PowerPoint Presentations | 25% on each class
    Reflection paper (individual) 25%
    Reflection on all classes, learnings, key findings, lessons learnt from case study work, approx. 300 words per day, word count total 1,500 words
Level of course unit
  • Bachelor
Year of study
  • Spring 2026
Semester when the course unit is delivered
  • 2
Language of instruction
  • English
Learning outcomes of the course unit
  • This course provides a comprehensive understanding of the unique characteristics, challenges, and opportunities within family-owned businesses. Students will explore the interplay between family, ownership, and business systems through conceptual frameworks such as the 3-Circle Model. Emphasis will be placed on succession planning, governance structures, and the role of culture in shaping family business dynamics. Practical insights and case studies will help students develop strategic and managerial skills relevant to both family and non-family stakeholders.

    Course Goals
    By the end of this course, students will:

    1. Understand the defining features and structures of family businesses.
    2. Analyze the dynamics among family, business, and ownership systems.
    3. Develop strategies for effective succession planning and leadership transition.
    4. Design governance mechanisms to ensure sustainability and alignment of family and business goals.
    5. Assess the impact of conflicts and growth in family firms

    Learning Outcomes
    After successful completion, students will be able to:

    1. Define key concepts and models related to family business systems.
    2. Identify advantages and disadvantages of family ownership structures.
    3. Evaluate succession strategies and design transition plans.
    4. Formulate governance frameworks that balance family and business needs.
    5. Integrate perspectives into family business conflicts and growth
Course contents
  • 1. Entrepreneurial Mindset Chapter 1 Learning Objectives 01: To introduce the concept of entrepreneurship and explain the process of entrepreneurial action. 02: To describe how structural similarities enable entrepreneurs to make creative mental leaps. 03: To highlight bricolage as a source of entrepreneurs’ resourcefulness. 04: To introduce effectuation as a way expert entrepreneurs sometimes think. 05: To develop the notion that entrepreneurs cognitively adapt 06: To introduce sustainable entrepreneurship as a means of sustaining the natural environment and communities and developing gains for others.
    2. Generating and Exploiting New Entries Chapter 3 Learning Objectives 01: To understand that the essential act of entrepreneurship involves new entry. 02: To be able to think about how an entrepreneurial strategy can first generate, and then exploit over time, a new entry. 03: To understand how resources are involved in the generation of opportunities. 04: To be able to assess the attractiveness of a new entry opportunity. 05: To acknowledge that entrepreneurship involves making decisions under conditions of uncertainty. 06: To be able to assess the extent of first-mover advantages and weigh them against first-mover disadvantages. 07: To understand that risk is associated with newness but there are strategies that the entrepreneur can use to reduce risk.
    3. Creativity and the Business Idea Chapter 4 Learning Objectives 01: To identify various sources of ideas for new ventures. 02: To discuss methods available for generating new venture ideas. 03: To discuss creativity and creative problem solving techniques. 04: To discuss the importance of innovation. 05: To understand and be able to develop an opportunity assessment plan. 06: To discuss the aspects of the product planning and development process. 07: To discuss aspects of e-commerce.
    4. Protecting the idea Chapter 6 Learning Objectives 01: To identify and distinguish intellectual property assets of a new venture including software and websites. 02: To understand the nature of patents, the rights they provide, and the filing process. 03: To understand the purpose of a trademark and the procedure for filing. 04: To learn the purpose of a copyright and how to file for one. 05: To identify procedures that can protect a venture’s trade secrets. 06: To understand the value of licensing to either expand a business or start a new venture. 07: To recognize the implications of new legislation that affects board of directors and internal auditing processes for public companies. 08: To illustrate important issues related to contracts, insurance, and product safety and liability.
    5. The Business Plan: Creating and Starting the Venture Chapter 7 Learning Objectives 01: To define what the business plan is, who prepares it, who reads it, and how it is evaluated. 02: To understand the scope and value of the business plan to investors, lenders, employees, suppliers, and customers. 03: To identify information needs and sources for each critical section of the business plan. 04: To enhance awareness of the value of the Internet as an information resource and marketing tool. 05: To present examples and a step-by-step explanation of the business plan. 06: To present helpful questions for the entrepreneur at each stage of the planning process. 07: To understand how to monitor the business plan. 08: To understand the importance of contingency planning
    6. The Marketing Plan Chapter 8 Learning Objectives 01: To understand the relevance of industry and competitive analysis to the market planning process. 02: To describe the role of marketing research in determining marketing strategy for the marketing plan. 03: To illustrate an effective and feasible procedure for the entrepreneur to follow in engaging in a market research study. 04: To define the steps in preparing the marketing plan. 05: Understanding how to prepare a marketing budget. 06: To illustrate different creative strategies such as social media that may be used to differentiate or position the new venture’s products or services.
    7. The Organizational Plan Chapter 9 Learning Objectives 01: To understand the importance of the management team in launching a new venture. 02: To understand the advantages and disadvantages of the alternative legal forms for organizing a new venture. 03: To explain and compare the S corporation and limited liability company as alternative forms of incorporation. 04: To understand the implication
Planned learning activities and teaching methods
  • The course comprises an interactive mix of lectures, discussions, excursions and individual and group work.
Work placement(s)
  • none

Back

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.

Accept Decline
Privacy Policy